Precision Drilling Co. (NYSE:PDS) Expected to Announce Quarterly Sales of $186.33 Million


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Brokerages expect Precision Drilling Co. (NYSE:PDS) (TSE:PD) to report $186.33 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Precision Drilling’s earnings. The highest sales estimate is $196.01 million and the lowest is $171.64 million. Precision Drilling posted sales of $282.95 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 34.1%. The company is scheduled to announce its next quarterly earnings results before the market opens on Thursday, April 22nd.

According to Zacks, analysts expect that Precision Drilling will report full-year sales of $719.19 million for the current fiscal year, with estimates ranging from $644.62 million to $804.96 million. For the next fiscal year, analysts forecast that the company will post sales of $861.86 million, with estimates ranging from $774.15 million to $975.00 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Precision Drilling.

Precision Drilling (NYSE:PDS) (TSE:PD) last announced its quarterly earnings results on Tuesday, February 9th. The oil and gas company reported ($2.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.28) by ($0.46). The firm had revenue of $201.60 million during the quarter, compared to analyst estimates of $195.30 million. Precision Drilling had a negative net margin of 7.43% and a negative return on equity of 3.97%. Precision Drilling’s revenue for the quarter was down 45.9% on a year-over-year basis.

PDS has been the topic of a number of research analyst reports. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell reaffirmed a “neutral” rating on shares of Precision Drilling in a research report on Tuesday, December 15th. CIBC initiated coverage on shares of Precision Drilling in a research note on Tuesday, January 19th. They issued an “outperform” rating on the stock. Royal Bank of Canada upped their price target on shares of Precision Drilling from $32.00 to $42.00 and gave the company an “outperform” rating in a report on Thursday, February 11th. Morgan Stanley raised their price objective on shares of Precision Drilling from $30.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 31st. Finally, Smith Barney Citigroup reaffirmed a “neutral” rating on shares of Precision Drilling in a research note on Tuesday, December 15th. Six investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $26.25.

A number of institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP bought a new stake in Precision Drilling during the 1st quarter worth about $36,000. JPMorgan Chase & Co. raised its holdings in Precision Drilling by 23.2% during the third quarter. JPMorgan Chase & Co. now owns 335,000 shares of the oil and gas company’s stock worth $212,000 after acquiring an additional 62,977 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in Precision Drilling by 3,062.2% during the third quarter. Great West Life Assurance Co. Can now owns 110,929 shares of the oil and gas company’s stock worth $2,728,000 after acquiring an additional 107,421 shares in the last quarter. Morgan Stanley boosted its position in Precision Drilling by 12.7% during the third quarter. Morgan Stanley now owns 453,925 shares of the oil and gas company’s stock valued at $290,000 after purchasing an additional 51,014 shares during the last quarter. Finally, Scion Asset Management LLC grew its stake in Precision Drilling by 11.8% in the third quarter. Scion Asset Management LLC now owns 4,500,000 shares of the oil and gas company’s stock valued at $2,880,000 after purchasing an additional 475,907 shares in the last quarter.

NYSE:PDS traded down $0.19 on Monday, reaching $24.28. The company’s stock had a trading volume of 79,589 shares, compared to its average volume of 113,792. Precision Drilling has a 1-year low of $5.70 and a 1-year high of $28.82. The business’s 50-day moving average price is $23.44 and its two-hundred day moving average price is $19.35. The firm has a market cap of $323.02 million, a PE ratio of -5.52 and a beta of 3.20. The company has a debt-to-equity ratio of 0.93, a quick ratio of 2.18 and a current ratio of 2.36.

About Precision Drilling

Precision Drilling Corporation, an oilfield services company, provides oil and natural gas drilling and related services and products. The company operates in two segments, Contract Drilling Services, and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry.

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Earnings History and Estimates for Precision Drilling (NYSE:PDS)

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